The venture capital arm of the U.S. National Association of Realtors (NAR) has bought a stake in blockchain-based real estate startup Propy.
Second Century Ventures – NAR's real estate technology VC fund – invested an undisclosed amount in Propy via its REACH accelerator program, according to a press release sent to CoinDesk on Monday.
Propy allows users to transact real estate online, recording the deals on a blockchain, as well as with traditional methods. It previously raised $15.5 million via an initial coin offering in 2017, according to Crunchbase.
Its blockchain-powered platform connects real estate buyers, sellers, and brokers allowing them to close property deals in a paperless, online process. Propy also provides real estate agent tools, including DocuSign, to help ensure security risks, such as wire fraud, are reduced.
The firm has previously helped auction a 17th century Italian mansion on a blockchain, partnering with Beverly Hills real estate brokerage Hilton & Hyland last May to sell part of the Palazzo Albertoni Spinola, which dates back to between 1580 and 1616.
It's also helped TechCrunch founder Michael Arrington purchase a $60,000 apartment in Kiev using ethereum and smart contracts to settle the deal.
Speaking of the investment, Propy CEO Natalia Karayaneva said:
NAR is the largest real estate trade association in the U.S., with 1.3 million members across the residential and commercial real estate industries.
Toy houses image via Shutterstock
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